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    February 24, 2011

    India to Withdraw Fiscal Stimulus

    Seeing a recovering gross domestic product growth rate of 8.9 percent in the third quarter (September to December) of fiscal 2010, and a surging inflation rate of 12.1 percent last year, India is considering rolling back the fiscal stimulus in order to reduce the government’s financial deficit and curb inflation.

    February 24, 2011

    Vietnam to Raise Power Prices by 15%

    Vietnam recently announced that the government has decided to raise the country’s power price by a record 15.3 percent, up from the current VND1,077 per kw/h to VND1,241 per kw/h, starting March 1, 2011.

    February 23, 2011

    India and Japan Sign Free Trade Pact

    India and Japan signed a free trade pact in Tokyo today which will see the two major Asian economies do away with tariffs on 94 percent of goods over the next decade.

    February 23, 2011

    Updated Rules for Small Business Loans to Take Effect February 25

    The Prime Minister issued decision 03-2011-QD-TTg on January 10, regulating loan guarantees for small and medium-sized enterprises (SMEs). The decision attempts to standardize procedures for the Vietnam Development Bank to issue guarantees for commercial bank loans to SMEs.

    February 22, 2011

    Shenzhen Housing Fund Regulations to Impact Foreign Companies

    The Shenzhen municipal government issued the Interim Measures on the Administration of Housing Funds (Shenfu [2010] No. 176) (“Interim Measures”).

    February 18, 2011

    China Issues Preferential Taxation Policies for Energy-Saving Service Sector

    The Ministry of Finance and the State Administration of Taxation jointly promulgated the Circular on Issues Concerning the Value-Added Tax, Business Tax and Corporate Income Tax Policies for Promoting the Development of the Energy-Saving Service Sector, which came into effect on January 1, 2011.

    February 18, 2011

    New Changes to Wholesale Tobacco Licensing to Take Effect March 14

    Vietnam’s Ministry of Industry and Trade (MIT) issued circular 02/0211/TT-BCT on January 3, changing licensing procedures for firms seeking to engage in the wholesale of tobacco products.

    February 18, 2011

    State Bank of Vietnam Devalues Dong By 9.3% Against U.S. Dollar

    The State Bank of Vietnam decided to lower the Vietnamese dong by 9.3 percent to VND20,693 to a U.S. dollar. The decision came into effect February 11.

    February 18, 2011

    Shanghai Starts to Collect Regional Education Surcharge

    After the Chinese government required all foreign-invested enterprises (FIEs) to pay the urban construction tax and education surcharge beginning in December last year, a recent circular issued by the Shanghai local government announced that starting this year, enterprises (including FIEs) are also obligated to pay the local educational surcharge in addition to the current nationwide education surcharge payment charged at the rate of 3 percent of a company’s tax turnover.

    February 16, 2011

    China to Continue Preferential Tax Policy for Small-Scale and Low-Profit Enterprises

    On January 27, 2011, the Ministry of Finance and the State Administration of Taxation jointly issued the Circular on the Continuous Implementation of the Preferential Policy on the Corporate Income Tax of Small-Scale and Low-Profit Enterprises (Caishui [2011] No. 4).

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